/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060228.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, February 28, 2006, Vol. 7, No. 42 Headlines G E R M A N Y AUTOHAUS LOTZ: Insolvency Report Out on March 22 BAUUNTERNEHMEN MEIXNER: Begins Bankruptcy Process BESTATTUNGSINSTITUT SCHUERMANN: Claims Bar Date Set on March 27 BOLAB INGENIEURGESELLSCHAFT: Court Stays Pending Suits BUDDHA LOUNGE: Court to Verify Claims in April D.A.CH.S. SONDERPOSTENMARKTE: Creditors' Claims Due Today DENNSTADT & DILLHARDT: Insolvency Report Out Next Month DEPA BAU: Bows to Bankruptcy DOMI ZIEL: Brings In Andreas Pantlen to Administer Claims HEROS GROUP: Seeks New Owners to Take Over Insolvent Firm SCHWARZ MASCHINEN: Aalen Court Rules on Bankruptcy STAHLA MONTAGEBAU: Winds Up Business in Bochum STAHLA STAHL: Creditors' Meeting Slated for April 6 THOMAS & DABS: Court Names Michael Wilbert as Administrator TRADE & MORE: Dr. Johannes Graute Leads Insolvency Process TTC VERWALTUNGSGESELLSCHAFT: Claims Registration Ends March 6 W. LANGE: Koln Court Appoints Jana Dettmer to Administer Assets WEIMAR WERK: Firm Goes Insolvent in Weimar WOLFGANG KUEHNE: Starts Liquidation Process in Berlin WZT GMBH: Wuppertal Court Sets March 13 Claims Bar Date H U N G A R Y ECONET.HU: 2005 Figures Slide Into the Red GLOBUS RT: French Groups Eye 51% Equity Stake K A Z A K H S T A N ABSOLUT: Gives Creditors Until Mid-March to File Claim AKBULAK: Sets Proofs of Claim Deadline FINKOR: Bankruptcy Proceedings Begin FUROR: West Kazakhstan Court Opens Bankruptcy Proceedings IRTYSHSKYI ELEVATOR: Succumbs to Bankruptcy Process in Pavlodar K Y R G Y Z S T A N CAF: Declares Insolvency ERZI: Creditors' Claims Due April GOTTI: Succumbs to Insolvency N E T H E R L A N D S ROYAL SHELL: Cancels 500,000 A Shares in Buyback Transaction R U S S I A ALEKSIN-SEL-KHOZ-KHIMIYA: Insolvency Manager Takes Over Helm BUILDER: Claims Filing Period Ends March 21 BUZDYAKSKOYE: Succumbs to Bankruptcy Process in Bashkortostan DAIRY PRODUCT: Insolvency Manager Takes Over Operations KINESHEMSKIY: Engineering Plant Goes Bust KLINTSOVSKOYE: Bankruptcy Hearing Slated for April 25 KORTON: Firm Falls Into Bankruptcy KRASNOYARSKIY: Declared Insolvent by Krasnoyarsk Court PROMYSHLENNIK: Court Sets March 21 Claims Bar Date STEPNOE: Names A. Osipov as Insolvency Manager T U R K E Y SEKERBANK T.A.S.: Fitch Affirms B- Issuer Default Ratings U K R A I N E AGROSINTEZ-HOLDING: Zaporizhya Court Rules on Bankruptcy BROSHNIV FURNITURE: Goes Into Liquidation EKOTEH: Court Appoints Insolvency Manager GOODWILL-AUDIT: Succumbs to Bankruptcy in Lugansk Region SIVERSHINA: Bankruptcy Supervision Starts SPARTAK: Under Bankruptcy Supervision in Kyiv STANISLAVSKE: Siuhin Mikola Takes Over Operations U N I T E D K I N G D O M BALLARD TOOLMAKERS: Designers Start Insolvency Procedures BE WISE: Joint Administrators from Grant Thornton Enter Firm BELL CREATIVE: Art Supplier Contacts Administrator BIRMINGHAM GOLD: Members Pass Wind Up Resolution BLUE STAR: Recruiter Surrenders To Liquidation BOYD NETWORKS: Members Pass Winding Up Resolution BRISTOL BENDING: Hires Ernst & Young Administrator BYNE CONSTRUCTION: Creditors Agree to Voluntary Liquidation CABLE & WIRELESS: Turnaround Efforts Include More Job Cuts CATALYST HEALTH: Health and Fitness Gym Wraps Up Operation C-EXPORT LIMITED: Creditors' Meeting Next Week CHARIS LIMITED: Claims Registration Ends March 22 CO-ORDINATORS SERVICE: Real Estate Developer Hires Administrator COLT TELECOM: Applies for Block Listing in UK Market CONTROL ENGINEERING: Meeting of Creditors Set Today CORUS GROUP: Finance Unit Adopts Early Stock Redemption DDI-LIZARD: Appoints Administrators from KPMG ELITE SECURITY: Joint Administrators from Baker Tilly Move In FCM SERVICES: Voluntary Liquidation Proceedings Begin G & B GARDNER: Joint Administrators Take Over Helm GATWICK RAIL: Administrators from Baker Tilly Moves In GLAZING SOLUTIONS: Hires Robert Day to Administer Assets GLENPACE LIMITED: Members Pass Winding Up Resolution GREEN TYRE: Hires Tait Walker as Administrator HAMSARD 2353: Brings In Grant Thornton to Administer Assets HILTON GROUP: Moody's Lowers Sr. Unsec. Debt Ratings to Ba2 INDEPENDENT LIVING: Closes Operations & Liquidates Assets JL FRENCH: Taps Administrators from BDO Stoy Hayward MEASHAM BOATS: Administrators Take Over Operations PERRINS CONTRACT: Taps B & C Associates to Administer Assets QUEEN OF HEARTS: Joint Administrators Offer Assets for Sale SEA CONTAINERS: S&P Slices Corp. Credit Rating from BB- to B+ SEA CONTAINERS: SVP David Benson Leaves Ferries Division SOUTHERN PACIFIC: Fitch Rates GBP2.9 Mln Class FTc Notes at B * Fitch Designates IDRs to EMEA Industrials * Large Companies with Insolvent Balance Sheets ********** ============= G E R M A N Y ============= AUTOHAUS LOTZ: Insolvency Report Out on March 22 ------------------------------------------------ The District Court of Charlottenburg opened bankruptcy proceedings against Autohaus Lotz Gesellschaft mit beschrankter Haftung on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 28, 2006, to register their claims with court- appointed provisional administrator Joachim Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:20 a.m., on March 22, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 10:20 a.m., on June 21, 2006, at the same venue. CONTACT: AUTOHAUS LOTZ GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Auerbacher Str. 12 - 14,14193 Berlin Joachim Voigt-Salus, Administrator Rankestrasse 33, 10789 Berlin BAUUNTERNEHMEN MEIXNER: Begins Bankruptcy Process ------------------------------------------------- The District Court of Amberg opened bankruptcy proceedings against Bauunternehmen Meixner GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 20, 2006, to register their claims with court-appointed provisional administrator Dr. Helmut Holzapfel. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Amberg, Baustadelgasse 1, Sitzungssaal V, 1 Stock, Zimmer 115, at 12:30 p.m. on April 3, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: BAUUNTERNEHMEN MEIXNER GmbH Geratshofen 16 in 92447 Schwarzhofen Dr. Helmut Holzapfel, Administrator Ringstr. 2+4, 94234 Viechtach Tel: 09942/428 Fax: 09942/6053 BESTATTUNGSINSTITUT SCHUERMANN: Claims Bar Date Set on March 27 --------------------------------------------------------------- The District Court of Braunschweig opened bankruptcy proceedings against Bestattungsinstitut Schuermann GmbH on Jan. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 27, 2006, to register their claims with court-appointed provisional administrator Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Braunschweig, Martinikirche 8, 38100 Braunschweig, at 10:00 p.m. on April 26, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: BESTATTUNGSINSTITUT SCHUERMANN GmbH Hildesheimer Strasse 17, 38159 Vechelde Attn: Gerd Schuermann, Manager Torsten Gutmann, Administrator Lueders Partnergesellschaft, Zum Blauen See 5, D-31275 Lehrte Tel: (05132) 826838 Fax: (05132) 826896 BOLAB INGENIEURGESELLSCHAFT: Court Stays Pending Suits ------------------------------------------------------ The District Court of Charlottenburg opened bankruptcy proceedings against BOLAB Ingenieurgesellschaft mbH Baugrunduntersuchung, Boden- und Baustoffpruefung fuer Berlin und Brandenburg on Jan. 31, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 7 to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, May 30, 9:40 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: BOLAB INGENIEURGESELLSCHAFT mbH BAUGRUNDUNTERSUCHUNG, BODEN- UND BAUSTOFFPRUEFUNG FUER BERLIN UND BRANDENBURG Guertelstrasse 39 10247 Berlin Rolf Nacke, Administrator Gross-Berliner Damm 73 c 12487 Berlin BUDDHA LOUNGE: Court to Verify Claims in April ---------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Buddha Lounge GmbH on Jan. 25, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 17 to register their claims with court-appointed provisional administrator Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, April 19, 10:45 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: BUDDHA LOUNGE GmbH Lange Reihe 113 20099 Hamburg Dr. Olaf Buechler, Administrator Herrengraben 3 20459 Hamburg Phone: 36968351 Fax: 36968383 D.A.CH.S. SONDERPOSTENMARKTE: Creditors' Claims Due Today --------------------------------------------------------- The District Court of Muehlhausen opened bankruptcy proceedings against D.A.CH.S. Sonderpostenmarkte GmbH on Jan. 13, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 28 to register their claims with court-appointed provisional administrator Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Muehlhausen, Untermarkt 17, Raum 91, April 3, 9:30 a.m., at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: D.A.CH.S. SONDERPOSTENMARKTE GmbH Konrad-Zehrt-Strasse 1 37308 Heilbad Heiligenstadt Contact: Harald Durstewitz, Manager Rolf Rombach, Administrator Magdeburger Allee 159 99086 Erfurt DENNSTADT & DILLHARDT: Insolvency Report Out Next Month ------------------------------------------------------- The District Court of Essen opened bankruptcy proceedings against Dennstadt & Dillhardt GbR on Feb. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 7 to register their claims with court-appointed provisional administrator Werner F. Muehlenbrock. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, March 28, 9:00 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: DENNSTADT & DILLHARDT GbR De-la-Chevallerie-Str. 22 45894 Gelsenkirchen Werner F. Muehlenbrock, Administrator Bahnhofstr. 46, 45879 Gelsenkirchen Phone: 0209/1779520 Fax: 0209-1779529 DEPA BAU: Bows to Bankruptcy ---------------------------- The District Court of Muehlhausen opened bankruptcy proceedings against DePa Bau GmbH on Jan. 12, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 20 to register their claims with court-appointed provisional administrator Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Muehlhausen, Untermarkt 17, Raum 91, April 27, 10:00 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: DEPA BAU GmbH Am Vogelherd 11 99734 Nordhausen Rolf Rombach, Administrator Magdeburger Allee 159 99086 Erfurt DOMI ZIEL: Brings In Andreas Pantlen to Administer Claims --------------------------------------------------------- The District Court of Siegen opened bankruptcy proceedings against domi ZIEL GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 8, 2006, to register their claims with court-appointed provisional administrator Andreas Pantlen. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Siegen, Berliner Strasse 21-22, 57072 Siegen, Erdgeschoss, Saal 010, at 1:00 p.m. on April 5, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: DOMI ZIEL GmbH Hohler Weg 13, 57439 Attendorn Attn: Harry Krause, Manager Muehlenweg 6, 57439 Attendorn Lars Christian Esser-Clarius, Manager Waterland 23 a, 57439 Attendorn Andreas Pantlen, Administrator Konigsallee 90, 40212 Duesseldorf Tel: 0211/8606800 Fax: 0211/8606810 HEROS GROUP: Seeks New Owners to Take Over Insolvent Firm --------------------------------------------------------- Hanover-based Heros Group hopes to find new owners by the end of April, Matthew Brockett of Bloomberg News cited administrator Manuel Sack as saying. Mr. Sack revealed that the Company's 5,000 employees have not been laid off and its cash transport business continues to operate, Bloomberg relates. Last week's bankruptcy filing was made following the arrest of four executives from the Company's Nordcash Geldbearbeitung unit, two board members and two lower-ranking executives, who allegedly embezzled EUR300 million from its clients for the firm's expansion and for personal use. Heros controls around half of Germany's money-transport business and carries approximately EUR600 million a day. SCHWARZ MASCHINEN: Aalen Court Rules on Bankruptcy -------------------------------------------------- The District Court of Aalen opened bankruptcy proceedings against SCHWARZ Maschinen- und Werkzeugbau GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 15, 2006, to register their claims with court-appointed provisional administrator Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Aalen, Stuttgarter Strasse 7, 73430 Aalen, at 10:30 a.m. on April 21, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: SCHWARZ MASCHINEN- UND WERKZEUGBAU GmbH Geissbergstrasse 1, 73432 Aalen-Waldhausen Attn: Joachim Mayer-Laurenz, Manager Deutschordenstr. 11, 73432 Aalen-Waldhausen Wolfgang Hauser, Administrator Mohringer Landstr. 5, 70563 Stuttgart Tel: 0711/90134-20 Fax: 0711/90134-49 E-mail: H.H.H@t-online.de STAHLA MONTAGEBAU: Winds Up Business in Bochum ---------------------------------------------- The District Court of Bochum opened bankruptcy proceedings against STAHLA MONTAGEBAU Gesellschaft mit beschrankter Haftung on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 2, 2006, to register their claims with court-appointed provisional administrator Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bochum, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 9:45 a.m. on April 13, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: STAHLA MONTAGEBAU GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Bergmannstr. 39, 44809 Bochum Attn: Hans Dobel, Manager Frank Imberger, Administrator Huestrasse 34, 44787 Bochum Tel: 96491-0 Fax: 96491-33 STAHLA STAHL: Creditors' Meeting Slated for April 6 --------------------------------------------------- The District Court of Bochum opened bankruptcy proceedings against Stahla Stahl-Apparatebau Gesellschaft mit beschrankter Haftung & Cie on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 23, 2006, to register their claims with court- appointed provisional administrator Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bochum, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 10:40 a.m. on April 6, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: STAHLA STAHL-APPARATEBAU GESELLSCHAFT MIT BESCHR�NKTER HAFTUNG & CIE Bergmannstr. 39, 44809 Bochum Attn: Ingrid Dobel, Manager Michael Kaul, Manager Frank Imberger, Administrator Huestrasse 34, 44787 Bochum Tel: 964 91-0 Fax: 964 91-33 THOMAS & DABS: Court Names Michael Wilbert as Administrator ----------------------------------------------------------- The District Court of Bonn opened bankruptcy proceedings against Thomas & Dabs GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 10, 2006, to register their claims with court-appointed provisional administrator Michael Wilbert. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bonn, Wilhelmstrasse 21, 53111 Bonn, 2 Stock, Saal S 2.22, at 9:30 a.m. on April 28, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: THOMAS & DABS GmbH Wiesenstrasse 64, 53639 Konigswinter Attn: Heinrich Anton Thomas, Manager Olaf Dabs, Manager Burgwiesenstr. 23, 53604 Bad Honnef Michael Wilbert, Administrator Simrockstrasse 7, 53113 Bonn Tel: 0228-336255-5 Fax: 0228-336255-6 TRADE & MORE: Dr. Johannes Graute Leads Insolvency Process ---------------------------------------------------------- The District Court of Essen opened bankruptcy proceedings against trade & more cooperation Limited on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 6, 2006, to register their claims with court-appointed provisional administrator Dr. Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Essen, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at 9:00 a.m. on March 27, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: TRADE & MORE COOPERATION LIMITED Lavesumer Str. 3, 45721 Haltern Attn: Dieter Schwarz, Manager Thomas Korf, Manager Lohstr. 36, 45721 Haltern Dr. Johannes Graute, Administrator Kettwiger Strasse 2-10, 45127 Essen Tel: 02 01/10953 TTC VERWALTUNGSGESELLSCHAFT: Claims Registration Ends March 6 ------------------------------------------------------------- The District Court of Saarbruecken opened bankruptcy proceedings against TTC Verwaltungsgesellschaft mbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 6, 2006, to register their claims with court-appointed provisional administrator Dr. Udo Michalsky. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13, at 10:32 a.m., on March 1, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 8:37 a.m., on April 5, 2006, at the same venue. CONTACT: TTC VERWALTUNGSGESELLSCHAFT mbH Poensgen-und-Pfahler-Strasse 3, 66386 St.Ingbert Attn: Karl Theobald, Manager Frank Thielen, Manager Dr. Udo Michalsky, Administrator Kaiserstrasse 77, 66386 St. Ingbert Tel: (06894) 3876 311 Fax: (06894) 382185 W. LANGE: Koln Court Appoints Jana Dettmer to Administer Assets --------------------------------------------------------------- The District Court of Koln opened bankruptcy proceedings against W. Lange Fleischgrosshandel + Zerlegebetrieb GmbH on Jan. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 4, 2006, to register their claims with court-appointed provisional administrator Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Koln, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at 11:18 a.m. on May 4, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: W. LANGE FLEISCHGROSSHANDEL + ZERLEGEBETRIEB GmbH Liebigstr. 120, 50823 Koln Attn: Werner Lange, Manager Urbacher Weg 18, 51149 Koln Jana Dettmer, Administrator Weyerstr. 54, 50676 Koln Tel: 0221 921217 0 Fax: +4922192121720 WEIMAR WERK: Firm Goes Insolvent in Weimar ------------------------------------------ The District Court of Amberg opened bankruptcy proceedings against Weimar Werk Stahlbau GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 7, 2006, to register their claims with court-appointed provisional administrator Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Amberg, Baustadelgasse 1, Sitzungssaal V, 1 Stock, Zimmer 115, at 2:30 p.m. on April 24, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: WEIMAR WERK STAHLBAU GmbH Thueringen Weg 2 in 99427 Weimar Joachim Exner, Administrator Stahlstr. 17, 90411 Nuernberg Tel: 0911/951285-0 Fax: 0911/951285-10 WOLFGANG KUEHNE: Starts Liquidation Process in Berlin ----------------------------------------------------- The District Court of Charlottenburg opened bankruptcy proceedings against Wolfgang Kuehne Projektentwicklung Gesellschaft mit beschrankter Haftung on Jan. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 20, 2006, to register their claims with court-appointed provisional administrator Knut Rebholz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 9:40 a.m., on March 30, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 9:20 a.m., on May 18, 2006, at the same venue. CONTACT: WOLFGANG KUEHNE PROJEKTENTWICKLUNG GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Dreiserstrasse 4, 12587 Berlin Knut Rebholz, Administrator Cicerostr. 22, 10709 Berlin WZT GMBH: Wuppertal Court Sets March 13 Claims Bar Date ------------------------------------------------------- The District Court of Wuppertal opened bankruptcy proceedings against WZT GmbH - Zerspanungstechnologie on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 13, 2006, to register their claims with court-appointed provisional administrator Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Wuppertal, Eiland 2, 42103 Wuppertal, 2. Etage, Sitzungssaal A234, at 9:00 a.m. on April 13, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: WZT GmbH - ZERSPANUNGSTECHNOLOGIE Leverkuser Str. 65, 42897 Remscheid Attn: Gerhard Wiedmann, Manager Leverkuserr Str. 65, 42897 Remscheid Hans Peter Runkel, Administrator Friedrich-Ebert-Strasse 146, 42117 Wuppertal ============= H U N G A R Y ============= ECONET.HU: 2005 Figures Slide Into the Red ------------------------------------------ IT group econet.hu recorded a drop on its losses with a HUF166.69 million loss in 2005, compared to a HUF29.19 million profit a year earlier, Budapest Business Journal says. Despite a rise in revenues from HUF408.83 million in 2004 to HUF947.58 million in 2005 due to hikes in Internet access proceeds and online advertising, the group's material-related expenses rose four-fold to HUF968.8 million and personnel costs soared six-fold to HUF86.2 million last year. As a result, the group's operating results dropped to -HUF210.35 million in 2005 from HUF68.27 million in 2004. The group attributed three-quarters of the losses to depreciation write-offs and rest to operations. Despite the losses, econet.hu's net assets hiked 65.4% to HUF2.952 billion. Econet.hu's major shareholders include BALCO Holding B.V. (15.01%) and Budai Hazak (11.68%). The group's consolidated and unaudited report was prepared in accordance with International Financial Reporting Standards (IFRS). Headquartered in Budapest, Hungary, Econet.hu Rt. -- http://www.econet.hu/-- develops and operates database Internet, WAP and SMS applications. Econet also provides customized database services, online publishing services, broker and mobile Internet applications. GLOBUS RT: French Groups Eye 51% Equity Stake --------------------------------------------- Two companies have offered to acquire a 51% stake in troubled canning group Globus Konzervipari Rt., Budapest Business Journal says. Union Fermiere Morbihannaise (UFM) and Centrale Cooperative Agricole Bretonne's (CECAB) local unit have offered to buy the shares at HU460 for each HUF250 face value share. Globus' majority owners, DEG of Germany (25.45%), Chairman Istv n Temesfoi (16.67%), Tebimpex GmbH (11.61%) and Deputy Chairman Jozsef Jehn (3.62%), signed the acquisition deal. Headquartered in Budapest, Hungary, Globus Konzervipari Rt. -- http://www.globus.hu/-- is the largest canning and cooling company in the country. Globus posted HUF4.3 billion in net losses in 2005, HUF2 billion of which were operating losses. The group also registered -HUF2.9 billion in one-time effect. Globus blames its dismal performance to rising fuel prices, entry of new market rivals and the strong Forint. =================== K A Z A K H S T A N =================== ABSOLUT: Gives Creditors Until Mid-March to File Claim ------------------------------------------------------ The Specialized Inter-Regional Economic Court of West Kazakhstan region declared LLP Absolut bankrupt on December 20, 2005. Proofs of claim will be accepted at West Kazakhstan region, Uralsk, Gvardeiskaya Str. 9-18 on or before March 14, 2006. The company can be contacted at 8 (31122) 51 77 10. AKBULAK: Sets Proofs of Claim Deadline --------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl region declared Public Utility Enterprise Akbulak bankrupt on Dec. 20, 2005. Proofs of claim will be accepted at Taraz, Suleimanova Str. 17, Room 9 on or before March 14, 2006. The company can be contacted at 8 326(22) 45 32 17. FINKOR: Bankruptcy Proceedings Begin ------------------------------------ The Specialized Inter-Regional Economic Court of West Kazakhstan region commenced bankruptcy proceedings against LLP Finkor on January 5, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF WEST KAZAKHSTAN REGION West Kazakhstan region, Uralsk, Seifulina Str. 37, Room 107 FUROR: West Kazakhstan Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan region commenced bankruptcy proceedings against LLP Furor on January 5, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF WEST KAZAKHSTAN REGION West Kazakhstan region, Uralsk, Seifulina Str. 37, Room 107 IRTYSHSKYI ELEVATOR: Succumbs to Bankruptcy Process in Pavlodar --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar region commenced bankruptcy proceedings against OJSC Irtyshskyi Elevator on December 27, 2005. =================== K Y R G Y Z S T A N =================== CAF: Declares Insolvency ------------------------ LLC CAF has declared insolvency. Proofs of claim will be accepted on or before April 9, 2006. CONTACT: CAF Bishkek, Sadygslieva Str. 6 Phone: (+996 312) 65-61-29 ERZI: Creditors' Claims Due April --------------------------------- LLC Erzi has declared insolvency. Proofs of claim will be accepted on or before April 10, 2006. CONTACT: Bishkek, Fuchika Str. 47 Phone: (+996 312) 65-24-11 GOTTI: Succumbs to Insolvency ----------------------------- LLC Gotti has declared insolvency. Proofs of claim will be accepted on or before April 10, 2006. CONTACT: GOTTI Bishkek, Fuchika Str. 47 Phone: (+996 312) 65-24-11 ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Cancels 500,000 A Shares in Buyback Transaction ------------------------------------------------------------ Royal Dutch Shell plc purchased for 400,000 'A' Shares for cancellation at a price of 25.74 euros per share on Feb. 24, 2006. In addition, it purchased 100,000 'A' Shares for cancellation at a price of 1,750.85 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,915,525,000. As of that date, 2006 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * In 2005, Shell returned US$5 billion to shareholders via market purchases of shares. This target included shares purchased for cancellation by The Shell Transport and Trading Company PLC and Royal Dutch Petroleum Company prior to the Group unification of US$500 million. The Company expected to continue its buyback program in 2006. Shell's buyback scheme was aimed at reviving shareholders' and investors' confidence. The buyback program followed last year's damaging reserves overestimation scandal. About the Company Headquartered in The Hague and incorporated in England and Wales, Royal Dutch Shell PLC -- http://www.shell.com/-- has operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The company is listed on the London, Amsterdam, and New York stock exchanges. The Trouble Shell admitted overstating proved reserves by almost 6 billion barrels between January 2004 and February last year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. =========== R U S S I A =========== ALEKSIN-SEL-KHOZ-KHIMIYA: Insolvency Manager Takes Over Helm ------------------------------------------------------------ The Arbitration Court of Tula region has commenced bankruptcy supervision on open joint stock company Aleksin-Sel-Khoz- Khimiya. The case is docketed as A68-253/B-05. Mr. A. Laptev has been appointed temporary insolvency manager. A hearing will take place on April 4, 2006, 11:00 a.m. at the Arbitration Court of Tula region at Russia, Tula region, Sovetskaya Str. 112, Hall #31. CONTACT: ALEKSIN-SEL-KHOZ-KHIMIYA 301360, Russia, Tula region, Aleksin, Lomonosova Str. 43 A. LAPTEV Temporary Insolvency Manager 300026, Russia, Tula region, Ryazanskaya Str. 1, Office 612 BUILDER: Claims Filing Period Ends March 21 ------------------------------------------- The Arbitration Court of Vladimir region commenced bankruptcy proceedings against Builder after finding the limited liability company insolvent. The case is docketed as A11-7444/2005-K1- 63B. Mr. A. Shurov has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to 602264, Russia, Vladimir region, Murom, Radiozavodskoye shosse 2A. CONTACT: BUILDER 602120, Russia, Vladimir region, Melenki, 60 Let Oktyabrya Str. 1 A. SHUROV Insolvency Manager 602264, Russia, Vladimir region, Murom, Radiozavodskoye shosse, 2A BUZDYAKSKOYE: Succumbs to Bankruptcy Process in Bashkortostan ------------------------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Buzdyakskoye after finding the open joint stock company insolvent. The case is docketed as A07-45756/05-G-FLE. Mr. V. Gorbunov has been appointed insolvency manager. CONTACT: BUZDYAKSKOYE 452710, Russia, Bashkortostan republic, Buzdyakskiy region, Buzdyak, Gagarina Str. 10 V. GORBUNOV Insolvency Manager 460000, Russia, Orenburg region, Gaya Str. 23A DAIRY PRODUCT: Insolvency Manager Takes Over Operations ------------------------------------------------------- The Arbitration Court of Penza region commenced bankruptcy proceedings against Dairy Product after finding the limited liability company insolvent. The case is docketed as A49- 12421/2005-218B/26. Mr. G. Biryukov has been appointed insolvency manager. CONTACT: DAIRY PRODUCT Russia, Penza region, Izmaylova Str. 13A G. BIRYUKOV Insolvency Manager Russia, Penza region, OPS #34, Post User Box 2303 ARBITRATION COURT OF PENZA REGION Russia, Penza region, Belinskogo Str. 2 KINESHEMSKIY: Engineering Plant Goes Bust ----------------------------------------- The Arbitration Court of Ivanovo region commenced bankruptcy proceedings against Kineshemskiy after finding the engineering plant insolvent. The case is docketed as A1253/05-10-B. Mr. S. Vinogradov has been appointed insolvency manager. Creditors may submit their proofs of claim to 153035, Russia, Ivanovo region, Gen. Khlebnikova Str. 16A-36. CONTACT: S. VINOGRADOV Insolvency Manager 153035, Russia, Ivanovo region, Gen. Khlebnikova Str. 16A-36 KLINTSOVSKOYE: Bankruptcy Hearing Slated for April 25 ----------------------------------------------------- The Arbitration Court of Bryansk region has commenced bankruptcy supervision on open joint stock company Klintsovskoye (TIN 3203001044). The case is docketed as A09-15064/05-27. Mr. M. Slanko has been appointed temporary insolvency manager. A hearing will take place on April 25, 2006, 10:00 a.m. at the Arbitration Court of Bryansk region at Russia, Bryansk, Trudovoy Per. 6, Room #601. CONTACT: KLINTSOVSKOYE 243140, Russia, Bryansk region, Kluintsy, K. Marksa Str. 38 M. SLANKO Temporary Insolvency Manager 243020, Russia, Bryansk region, Novozybkov, Sadovaya Str. 58 KORTON: Firm Falls Into Bankruptcy ---------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Korton after finding the close joint stock company insolvent. The case is docketed as A40-67662/05-123- 159B. Mr. A. Savelyev has been appointed insolvency manager. CONTACT: KORTON 121357, Russia, Moscow region, Vereyskaya Str. 5, Building 1 A. SAVELYEV Insolvency Manager 125481, Russia, Moscow region, D-481, Post User Box 27 KRASNOYARSKIY: Declared Insolvent by Krasnoyarsk Court ------------------------------------------------------ The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Krasnoyarskiy after finding the open joint stock company insolvent. The case is docketed as A33- 15577/2005. Mr. A. Gafarov has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to 660017, Russia, Krasnoyarsk region, Post User Box 20647. CONTACT: KRASNOYARSKIY 660111, Russia, Krasnoyarsk region, Pogranichnaya Str. 42 A. GAFAROV Insolvency Manager 660017, Russia, Krasnoyarsk region, Post User Box 20647 PROMYSHLENNIK: Court Sets March 21 Claims Bar Date -------------------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy proceedings against Promyshlennik after finding the open joint stock company insolvent. The case is docketed as A57-108B/05- 23. Mr. D. Moskovksiy has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to 413840, Russia, Saratov region, Balakovo, Lenina Str. 118-24. CONTACT: PROMYSHLENNIK 413700, Russia, Saratov region, Pugachev D. MOSKOVKSIY Insolvency Manager 413840, Russia, Saratov region, Balakovo, Lenina Str. 118-24 STEPNOE: Names A. Osipov as Insolvency Manager ---------------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy proceedings against Stepnoe after finding the close joint stock company insolvent. The case is docketed as A-57-627B/05-12. Mr. A. Osipov has been appointed insolvency manager. CONTACT: STEPNOE Russia, Saratov region, Balakovo A. OSIPOV Insolvency Manager 413863, Russia, Saratov region, Balakovo-23, Post User Box 151 =========== T U R K E Y =========== SEKERBANK T.A.S.: Fitch Affirms B- Issuer Default Ratings --------------------------------------------------------- Fitch Ratings removed Rating Watch Positive on Sekerbank T.A.S.'s Long-term foreign currency and local currency Issuer Default Ratings of B- and National Long-term of BBB. These ratings have simultaneously been affirmed. The Turkish bank's other ratings are affirmed at Individual D/E, Short-term B and Support 5. This follows the announcement from the bank that its agreement to sell a 51% controlling stake to Netherlands-based Rabobank had expired. Sekerbank has stated that it will continue discussions with prospective investors that have indicated a desire to purchase an ownership position. Fitch will closely monitor the potential effects of any possible future transaction. Sekerbank is a medium-sized Turkish bank with 203 branches throughout Turkey and it ranked 17th by assets among the 47 banks with total consolidated assets of US$2.4 billion and equity of US$248 million at the end-September 2005. ============= U K R A I N E ============= AGROSINTEZ-HOLDING: Zaporizhya Court Rules on Bankruptcy -------------------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy supervision procedure on LLC Agrosintez-Holding (code EDRPOU 31326569) on January 12, 2006. The case is docketed as 25/304. Mr. O. Mantsurov has been appointed temporary insolvency manager. CONTACT: AGROSINTEZ-HOLDING 72012, Ukraine, Zaporizhya region, Mihajlivskij district, Rozdol Mr. O. Mantsurov Temporary Insolvency Manager 71500, Ukraine, Zaporizhya region, Energodar, Centralna Str. 2/41 ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 BROSHNIV FURNITURE: Goes Into Liquidation ----------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy proceedings against Broshniv Furniture (code EDRPOU 30760543) after finding the limited liability company insolvent. The case is docketed as B-16/175. Mr. Yurij Gorodchuk has been appointed liquidator/insolvency manager. CONTACT: BROSHNIV 77614, Ukraine, Ivano-Frankivsk region, Rozhnyativskij district, Broshniv, Sichovih Striltsiv Str. 52 Mr. Yurij Gorodchuk, Liquidator/Insolvency Manager 8000, Ukraine, Ivano-Frankivsk region, Tlumach, Promislovij Lane 6 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a EKOTEH: Court Appoints Insolvency Manager ----------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Ekoteh (code EDRPOU 21888582) after finding the limited liability company insolvent. The case is docketed as B 15/165/05. Ms. Ludmila Chmil has been appointed liquidator/insolvency manager. CONTACT: EKOTEH 53201, Ukraine, Dnipropetrovsk region, Nikopol, Hersonska Str. 372 Ms. Ludmila Chmil Liquidator/Insolvency Manager 53210, Ukraine, Dnipropetrovsk region, Nikopol, Kashtanova Str. 51/79 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a GOODWILL-AUDIT: Succumbs to Bankruptcy in Lugansk Region -------------------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against Goodwill-Audit (code EDRPOU 30797285 26046639) on December 23, 2005 after finding the limited liability company insolvent. The case is docketed as 22/17 b. Ms. Granina Muzalina has been appointed liquidator/insolvency manager. CONTACT: GOODWILL-AUDIT Ukraine, Lugansk region, Alchevsk, Lenin Str. 56/104 Ms. Granina Muzalina Liquidator/Insolvency Manager Ukraine, Lugansk region, Alchevsk, Metalurgiv Avenue 26/76 ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square 3a SIVERSHINA: Bankruptcy Supervision Starts ----------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy supervision procedure on Sivershina (code EDRPOU 21391080). The case is docketed as 5/241 B/121 B. Ms. Irina Stuk has been appointed temporary insolvency manager. CONTACT: SIVERSHINA Ukraine, Chernigiv region, Miru Avenue 20 Ms. Irina Stuk Temporary Insolvency Manager 14008, Ukraine, Chernigiv region, Nahimov Lane 50 ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue 20 SPARTAK: Under Bankruptcy Supervision in Kyiv --------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC SPARTAK (code EDRPOU 20584173). The case is docketed as 89/14 b-05. Mr. Oleksandr Bandola has been appointed temporary insolvency manager. CONTACT: SPARTAK 07823, Ukraine, Kyiv region, Borodyanskij district, Nova Buda Mr. Oleksandr Bandola Temporary Insolvency Manager 04119, Ukraine, Kyiv region, Simyi Hohlovih Str. 6-b/31 ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 STANISLAVSKE: Siuhin Mikola Takes Over Operations ------------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy proceedings against Stanislavske after finding the limited liability company insolvent. The case is docketed as B-7/77. Mr. Siuhin Mikola has been appointed liquidator/insolvency manager. CONTACT: STANISLAVSKE Ukraine, Ivano-Frankivsk region, Krajkivskij Str. 1 Mr. Siuhin Mikola Liquidator/Insolvency Manager Phone: 6-77-85 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a =========================== U N I T E D K I N G D O M =========================== BALLARD TOOLMAKERS: Designers Start Insolvency Procedures --------------------------------------------------------- John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell Watchorn & Saxon, were appointed Joint Liquidators of Ballard Toolmakers Limited after members unanimously decided to liquidate the company's assets on Feb. 8, 2006. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to mounting liabilities. CONTACT: BALLARD TOOLMAKERS LIMITED 10C Boundary Road Buckingham Road Ind Est Brackley Northamptonshire NN137ES Tel: 01280 841 341 Fax: 01280 841 342 BE WISE: Joint Administrators from Grant Thornton Enter Firm ------------------------------------------------------------ Malcolm Shierson, Martin Ellis and Daniel Smith of Grant Thornton UK LLP were appointed joint administrators of Be Wise Group Limited (Company Number 02335205) and Be-Wise Limited (Company Number 01283466) on Feb. 9. Its registered office is at Harbour House, 121 Gardner Road, Portslade, Brighton BN41 1QS. About Grant Thornton Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organisations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Headquartered in Solihull, England, Be Wise Group Limited -- http://www.bewise.com/-- sells clothes. BELL CREATIVE: Art Supplier Contacts Administrator -------------------------------------------------- Stephen Cork of Smith & Williamson was appointed administrator of Bell Creative Supplies Limited (Company Number 02521521) on Feb. 14. Headquartered in Manchester, England, Bell Creative -- http://www.bellcreative.co.uk/-- manufactures, sells and distributes graphics, fine art, hobby craft and reprographics trade materials. It has warehouses in Harlow and Essex servicing the South of England and Manchester and covering the Midlands and North of England as well. The company also exports to over 20 countries including the U.S.A. CONTACT: SMITH & WILLIAMSON Prospect House 2 Athenaeum Road London N20 9YU Tel: 020 8492 8600 Fax: 020 8492 8601 E-mail: jem1@smith.williamson.co.uk BIRMINGHAM GOLD: Members Pass Wind Up Resolution ------------------------------------------------ Members of Birmingham Gold & Silversmiths Limited resolved to liquidate the company's assets during an Extraordinary General Meeting on Feb. 9, 2006. They authorized Eileen T. F. Sale, of Sale Smith & Co. Limited, to administer the winding up process. CONTACT: BIRMINGHAM GOLD & SILVERSMITHS LTD 18-19 Caroline Street Birmingham West Midlands B3 1TR Tel: 0121 236 6595 Fax: 0121 200 2711 Web: http://www.bhamgoldandsilver.co.uk/ BLUE STAR: Recruiter Surrenders To Liquidation ---------------------------------------------- Blue Star Recruitment Ltd is liquidating its assets after members found out that the company cannot continue its operations due to mounting debts. Duncan Robert Beat, of Tenon Recovery, was appointed Liquidator. CONTACT: BLUE STAR RECRUITMENT LTD 57 Goodmayes Road Ilford Essex IG3 9UD Tel: 020 8597 0900 Fax: 020 8597 6655 BOYD NETWORKS: Members Pass Winding Up Resolution ------------------------------------------------- Members of Boyd Networks Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 8, 2006. Chairman R. D. Boyd revealed that the company could no longer continue its business due to mounting debts. Timothy Frank Corfield, of Griffin & King, was appointed Liquidator to wind up the company's business. CONTACT: BOYD NETWORKS LIMITED 40 New Road Stourbridge West Midlands DY8 1PA Tel: 0871 223 6207 Fax: 0871 223 6208 Web: http://www.boydnetworks.com/ BRISTOL BENDING: Hires Ernst & Young Administrator -------------------------------------------------- David K. Duggins and Ian Best of Ernst & Young LLP were appointed administrators of Bristol Bending Services Limited (Company Number 01693514), Bristol Bending Services Automotive Components Ltd (Company Number 01407977) and Cavendish Industries Limited (Company Number 01477338) on Feb. 13. Its registered office is at Little Park, Milton Abbas, Dorset DT11 0DA. CONTACT: ERNST & YOUNG LLP One Bridewell Street, Bristol BS1 2AA Tel: +44 [0] 117 981 2050 Fax: +44 [0] 117 981 2051 Web site: http://www.ey.com/ BYNE CONSTRUCTION: Creditors Agree to Voluntary Liquidation ----------------------------------------------------------- Creditors of Byne Construction Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 6, 2006. Creditors also ratified the appointment of Paul Atkinson and Jeremy Stuart French, as Joint Liquidators. CONTACT: BYNE CONSTRUCTION LIMITED Coldham Lane Gislingham Eye Suffolk IP238JA Tel: 01379 783 446 Fax: 01379 788 800 CABLE & WIRELESS: Turnaround Efforts Include More Job Cuts ---------------------------------------------------------- Troubled telecommunications firm Cable & Wireless revealed plans for more job cuts in an effort to restructure the company, the Sunday Times reports. The company's new executive chairman, John Pluthero, warned staff of a reduction of 485 jobs and a decrease in the number of clients in order to focus on the Company's largest corporate customers, the paper relates. "That's just the start," Mr. Pluthero said in a memo seen by The Times. "As we reduce the number of customers we serve, fix some of our problems, strip out layers of management, we will need fewer people to run the business." The job cuts are in addition to the 700 disclosed last year during the company's acquisition of rival Energis, Dominic White writes for the telegraph.co.uk. Reuters cited a C&W spokesman saying the report was "pure speculation". About the Company Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- is one of the world's leading international communications companies. It provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. Fitch Ratings has affirmed Cable & Wireless' ratings at Long-term 'BB+' with Stable Outlook and Short-term 'B'. * * * Cable & Wireless' 8-3/4% senior unsubordinated notes due 2012 carry Moody's Investors service's, Standard and Poor's and Fitch's low-B ratings. CATALYST HEALTH: Health and Fitness Gym Wraps Up Operation ---------------------------------------------------------- John Michael Munn and Joseph Gordon Maurice Sadler, both of Elwell Watchorn & Saxton LLP, were appointed Joint Liquidators of Catalyst Health & Fitness Limited after members decided to liquidate the company's asset on Feb. 2, 2006. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. CONTACT: CATALYST HEALTH & FITNESS LIMITED 102 Fulham Palace Road London W6 9PL Tel: 020 7930 0742 C-EXPORT LIMITED: Creditors' Meeting Next Week ---------------------------------------------- Creditors of C-Export Limited (Company Number 02286726) will meet on March 6, 11 a.m. at Deloitte & Touche LLP, Abbots House, Abbey Street, Reading RG1 3BD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to A. M. Martin and R. D. Allen, joint administrative receivers of Deloitte & Touche LLP, Abbots House, Abbey Street, Reading RG1 3BD not later than March 3, 2006. CONTACT: C-EXPORT LTD P.O .Box 166 Totton Southampton, Hampshire SO40 4GY Tel: 02380 661771 Fax: 02380 661772 E-mail: cexportltd@pol.com DELOITTE & TOUCHE LLP Abbots House, Abbey Street, Reading RG1 3BD Web site: http://www.deloitte.com/ CHARIS LIMITED: Claims Registration Ends March 22 ------------------------------------------------- Creditors of Charis (UK) Limited are given until March 22, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator, David Moore. CONTACT: CHARIS (U K) LIMITED 1-3 Cambridge Walks Southport Merseyside PR8 1EN Tel: 01704 512 400 CO-ORDINATORS SERVICE: Real Estate Developer Hires Administrator ---------------------------------------------------------------- T. Papanicola of Bond Partners LLP was appointed administrator of Co-Ordinators Service (Engineering) Limited (Company Number 00375181) on Jan. 30. The company develops and sells real estate property. CONTACT: CO-ORDINATORS SERVICE (ENGINEERS) LTD Hazel Lane, Great Wyrley, Walsall, West Midlands WS6 6AA Tel: 01922413712 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Tel: 020 8444 2000 Fax: 020 8444 3400 COLT TELECOM: Applies for Block Listing in UK Market ---------------------------------------------------- COLT Telecom Group plc applied for a block listing of 11,000,000 ordinary shares of 2.5 pence each to the UK Listing Authority and the London Stock Exchange on Feb. 24. The shares are being allotted to trade on the LSX and to be admitted to the Official List upon allotment pursuant to the Company's obligations under the COLT Savings-Related Share Option Scheme Plan. Participants in the Plan have or will become entitled to these shares following the exercise of share options. These shares will rank equally with the existing issued ordinary shares of the Company. Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * The Company's 7-5/8% senior notes due 2008 carry Moody's Investors' Service's and Standard and Poor's single-B ratings. CONTROL ENGINEERING: Meeting of Creditors Set Today --------------------------------------------------- Creditors of Control Engineering (Derby) Limited (Company Number 01970101) will meet on Feb. 28, 11 a.m. at Holiday Inn, Bostocks Lane, Sandiacre. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to T. Papanicola, administrator of Bond Partners LLP, The Grange, 100 High Street, London N14 6TG. CONTACT: CONTROL ENGINEERING (DERBY) LTD 24 Alfreton Road Derby DE21 4AF Tel: 01332-341953 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Tel: 020 8444 2000 Fax: 020 8444 3400 CORUS GROUP: Finance Unit Adopts Early Stock Redemption ------------------------------------------------------- Stockholders of Corus Finance plc, a subsidiary of Corus Group PLC, passed a resolution to grant the Company the ability to redeem the stock early. The relevant supplemental trust deed has now been executed. The Company announces that: (a) stock which is the subject of a valid offer to sell pursuant to the invitation made on Feb. 1, 2006 (as amended by RNS announcement on Feb. 13, 2006) will be purchased on the terms of that offer; and (b) stock which is not the subject of a valid offer to sell pursuant to such invitation will be redeemed. Both of the above will be made at a price determined on the basis of the reference gilt yield at 11:00 am today, Feb. 28, 2006. Settlement will be on March 3, 2006. Further details are contained in the Invitation Memorandum dated Feb. 1, 2006. About the Company Corus Group PLC -- http://www.corusgroup.com/-- is one of the world's largest metal producers with a turnover of over GBP9 billion and major operating facilities in the U.K., the Netherlands, Germany, France, Norway, Belgium and Canada. Operating through four divisions -- Strip Products, Long Products, Aluminium and Distribution & Building Systems -- Corus has over 48,000 employees in over 40 countries and sales offices and service centers worldwide. Corus was created through the merger of British Steel plc and Koninklijke Hoogovens N.V. It suffered six years ago from the crisis in British manufacturing, which prompted it to shake up management, close plants, cut jobs, and sell assets to lower debt. Its debt was thought to stand at GBP1.6 billion in 2002. After posting a net loss of GBP458 million in 2003, it embarked on a restructuring program, signed a new EUR1.2 billion banking facility, and issued GBP307 million worth of shares. It returned to operating profit in the first quarter of 2004. The recent recovery of steel prices and the strength of the euro are expected to help it achieve relatively strong earnings. * * * As reported in the Troubled Company Reporter-Europe on Feb. 9, Fitch Ratings affirmed U.K.-based steel company Corus Group PLC's ratings at Senior Unsecured 'BB-' and Short-term 'B'. The Outlook is Stable. At the same time, Fitch affirmed the ratings of Corus' debt instruments as follows: (a) Corus Group PLC EUR800 million 7.5% senior notes 'B+'; (b) Corus Group PLC EUR307 million 3.0% convertible bonds 'B+'; (c) Corus Finance PLC GBP200 million 6.75% guaranteed bonds 'B+'; (d) Corus Finance PLC EUR20 million 5.375% guaranteed bonds 'B+'; and (e) Corus Finance PLC GBP150 million 11.5% debenture stock 'BBB-'. Fitch also affirmed the ratings of Corus' other debt instruments as below and simultaneously withdrawn them due to lack of information. The agency will no longer provide rating coverage of three instruments: (a) Corus Group PLC EUR800 million senior secured bank facilities 'BB'; (b) Corus Nederland BV EUR152 million 4.625% convertible subordinated bonds 'BB+'; and (c) Corus Nederland BV EUR136 million 5.625% unsecured bonds 'BB+'. The ratings reflect Corus' leading market position as the third- largest steel producer in Europe by volume, and the continued turnaround in the company's financial performance since 2003. DDI-LIZARD: Appoints Administrators from KPMG --------------------------------------------- David John Crawshaw and Richard John Hill of KPMG LLP were appointed administrators of DDI-Lizard Limited (Company Number 05044121) on Feb. 15. DDI-Lizard Limited -- http://www.ddi-lizard.co.uk/-- installs and maintains audiovisual and videoconferencing systems. CONTACT: DDI-LIZARD LTD 1 Heathlands Heath Gardens, Twickenham Middlesex TW1 4BP Tel: 020 8917 4500 Fax: 020 8744 3835 E-mail: sales@ddi-lizard.co.uk KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD Tel: (0118) 9642000 Fax: (0118) 9642222 Web site: http://www.kpmg.co.uk/ ELITE SECURITY: Joint Administrators from Baker Tilly Move In ------------------------------------------------------------- Lindsey J. Cooper and Adrian David Allen were appointed joint administrators of Elite Security (North West) Limited (Company Number 3080881) on Feb. 8. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Elite Security (North West) Limited -- http://www.elitesecurity-nw.co.uk/-- is North West's leading security company. FCM SERVICES: Voluntary Liquidation Proceedings Begin ----------------------------------------------------- FCM Services Limited is liquidating its assets after members agreed to wind up the company on Dec. 22, 2005. The voluntary liquidation came as a result of the company's mounting liabilities. Colin Ian Vickers of Vantis Numerica is appointed liquidator. Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. CONTACT: FCM SERVICES LIMITED Merlin Quay, Hazel Road Woolston, Southampton Hants SO19 7GB Tel: 02380 434466 Fax: 02380 434477 Email: fcm@btconnect.com Web site: http://www.fcm-services.co.uk/ G & B GARDNER: Joint Administrators Take Over Helm -------------------------------------------------- Robert M. Rutherford and Jonathan R. Booth of Parkin S Booth & Co were appointed joint administrators of G & B Gardner & Newton Limited (Company Number 00193874) on Feb. 10. Its registered office is at 135 Hall Street, St Helens, Merseyside WA10 1ER. G & B Gardner & Newton Limited -- http://www.glassbending.co.uk/ -- manufactures bent and curved glass, roof lights, and curved glass bathroom bowls. The company started its business in 1836. CONTACT: G. & B. GARDNER & NEWTON LTD 135 Hall Street St. Helens, Merseyside WA10 1ER Tel: 01744 28661 Fax: 01744 26934 PARKIN S. BOOTH & CO. 44 Old Hall Street, Liverpool L3 9EB Tel: 0151 236 4331 Fax: 0151 255 0108 E-mail: lp@parkinsbooth.co.uk Web site: http://www.parkinsbooth.co.uk GATWICK RAIL: Administrators from Baker Tilly Moves In ------------------------------------------------------ John David Ariel and Karl Holmes of Baker Tilly were appointed administrators of Gatwick Rail Services Limited (Company Number 04358859) o Feb. 10. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Headquartered in Reigate, England, Gatwick Rail Services Limited -- http://www.gatwickrailservices.co.uk/-- offers construction and railway services. GLAZING SOLUTIONS: Hires Robert Day to Administer Assets -------------------------------------------------------- Glazing Solutions Limited is liquidating its assets after members found out that the company cannot continue its operations due to its liabilities. Robert Day, of Robert Day and Company Limited, was appointed Liquidator. CONTACT: GLAZING SOLUTIONS LIMITED Hedsor Road Bourne End Buckinghamshire SL8 5ES Tel: 01628 850 075 GLENPACE LIMITED: Members Pass Winding Up Resolution ---------------------------------------------------- Glenpace Limited appointed Gagen Dulari Sharma to liquidate its assets. Members passed a resolution to wind up the Company at an extraordinary general meeting held on Nov. 30 in London. CONTACT: Glenpace Ltd 270 Bearwood Road Smethwick West Midlands B66 4HT Tel: 0121 565 5350 GREEN TYRE: Hires Tait Walker as Administrator ---------------------------------------------- Gordon S. Goldie and Allan David Kelly of Tait Walker were appointed joint administrators of Green Tyre Company Plc (Company Number 02667900) on Feb. 9. The Green Tyre Company -- http://www.greentyre.co.uk/-- manufactures a range of environment friendly tyres that are guaranteed never to puncture or go flat. CONTACT: GREEN TYRE COMPANY PLC Riverside Park Road Riverside Industrial Estate Middlesbrough TS2 1UU Tel: 01642-223322 Fax: 01642-223313 E-mail: sales@greentyre.co.uk TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Tel: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk/ HAMSARD 2353: Brings In Grant Thornton to Administer Assets ----------------------------------------------------------- Malcolm Shierson, Martin Ellis and Daniel Smith of Grant Thornton UK LLP were appointed administrators of Hamsard 2353 Limited (Company Number 04246489) on Feb. 9. Its registered office is at Harbour House, 121 Gardner Road, Portslade, Brighton, East Sussex BN41 1QS. The company sells clothing. CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Tel: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk/ HILTON GROUP: Moody's Lowers Sr. Unsec. Debt Ratings to Ba2 ----------------------------------------------------------- Moody's Investors Service downgraded the senior unsecured long- term ratings of Hilton Group Plc and its guaranteed subsidiaries Hilton Group Finance Plc and Hilton Group Finance (Jersey) Ltd. to Ba2 from Baa3; the outlook is stable. This rating action concludes the review initiated on Dec. 29, 2005, and follows Hilton Group Plc's announcement that it will distribute an exceptional dividend of 240 pence per share on April 25, 2006, following the completion of the disposal of its hotel assets to Hilton Hotels Corporation. Moody's believes that the return of cash to shareholders, up to GBP4.2 billion if the GBP300 million convertible bond due 2010 is converted, results in credit metrics that are too weak for the investment grade category, given the company's less diversified business profile following the disposal of its hotel division. Ladbrokes Plc, as the company has been renamed, is a pure-play betting company generating most of its revenues in the competitive U.K. betting market. While recognizing the company's strong market position in U.K. retail betting, its experienced management team and the business's proven degree of resilience to a potential economic downturn, Moody's believes that Ladbrokes will face a number of operating challenges going forward: -- The expected more moderate level of organic growth in U.K. retail betting following the completion of the roll-out of Fixed Odds Betting Terminals (FOBTs), which has reached the limits per shop established by the Code of Conduct agreed between bookmakers, the government and the Gaming Board in November 2003. Moody's understands that the company may explore investment opportunities outside the U.K., which could represent additional sources of growth but could also at some point result in the deployment of capital with a potentially negative impact on the cash flow-to-debt metrics. -- The blurring of lines and more direct competition between the betting business and the other compartments of the gaming industry in the U.K. following the enactment of the Gambling Bill. On the positive side, from 2007 Ladbrokes will be able to introduce "category B" slot machines offering higher prizes, which could enhance gross win. At the same time, casinos will be allowed to offer sports betting. -- The impact of online betting exchanges, which are able to offer attractive odds thanks to a more favorable tax treatment and reduced operating costs, exerting downward pressure on the gross win margins of the traditional bookmakers. Moody's also highlights the difficulty, due to a lack of historic data, in demonstrating the stability of revenues from FOBTs and online gaming as well as the customer loyalty for these new gaming propositions, which have somewhat changed the betting landscape. In addition, in the longer term, Moody's believes that the gambling industry remains subject to the risk of a change in regulation, in the absence of geographic and business diversification for Ladbrokes, could have meaningful repercussions. Nonetheless, Moody's expects the impact of the current shift to VAT and a fixed fee per machine for FOBTs to remain moderate. The financial profile of Hilton Group Plc will deteriorate following the hotel disposal and the cash distribution to shareholders. Moody's expects pro-forma net adjusted debt/EBITDAR to be close to 4 times and RCF/net adjusted debt to reach the low teens as of Dec. 31, 2006 (assuming disposal and cash return as of Dec. 31, 2005). Management has indicated a target of net debt to EBITDA (unadjusted) of 3.5 to 3.75x going forward, which, in Moody's view, is commensurate with the Ba category, also considering the amount of operating leases that the company is retaining. Moody's acknowledges that the business is not highly capital- intensive and has the ability to generate solid free cash flow with a targeted dividend cover of 2 times. However, the rating agency also notes that the company plans to enter a new phase of its development outside the U.K., which could require investments that potentially constrain any improvement in the cash flow-to-debt metrics going forward. Liquidity remains solid with the distribution of the exceptional dividend being implemented after receipt of the proceeds from disposal and new 364-day committed bank facilities including one-year term-out option for a total amount of GBP600 million signed on Dec. 22, 2005. The outlook is stable, reflecting Moody's expectation that net adjusted debt/EBITDAR will not materially exceed 4 times and RCF/net adjusted debt will remain at least at 10% going forward. The ratings are downgraded to Ba2 from Baa3: -- Senior Unsecured Long-Term Rating of Hilton Group Plc; -- Senior Unsecured Long-Term Rating of Hilton Group Finance Plc, guaranteed by Hilton Group Plc; and -- Senior Unsecured Long-Term Rating of Hilton Group Finance (Jersey) Plc, guaranteed by Hilton Group Plc. Headquartered in Watford, England, Hilton Group plc, renamed Ladbrokes Plc, is the largest betting operator in the U.K. INDEPENDENT LIVING: Closes Operations & Liquidates Assets --------------------------------------------------------- Members of Independent Living Centres Ltd. agreed to liquidate the Company's assets on Dec. 19, 2005, after finding out that it could no longer continue its operations due to mounting liabilities. Subsequently, they appointed Alex Kachani of Crawfords to lead the wind up proceedings. CONTACT: Independent Living Centres Ltd 87 Mill Lane Beverley East Yorkshire HO17 9DD Tel: 01482 881835 Fax: 001482 881835 JL FRENCH: Taps Administrators from BDO Stoy Hayward ---------------------------------------------------- Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim Rayment of BDO Stoy Hayward were appointed administrators of JL French UK Limited (Company Number 01598070) on Feb. 10. The administration came after the Company's U.S. parent company filed a prepackaged Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware on Feb. 10, 2006. The U.S. bankruptcy petition was filed to effectuate a balance sheet restructuring pursuant to a prepackaged chapter 11 plan of reorganization. The joint administrators working with the company will determine the future of the Witham, England and Presteigne, Wales locations, which together are structured as one legal entity. Management in each location is working closely with local agencies to ensure a smooth transition, which is expected to take several months to meet the needs of existing customers. Those operations collectively employ approximately 700 people. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Headquartered in Witham, England, J.L. French -- http://www.jlfrench.com/-- is a global supplier of aluminum die-castings specializing in power train and automotive components. It has nine manufacturing locations around the world including plants in the United States, United Kingdom, Spain, and Mexico. The company has fourteen engineering/customer service offices to globally support its customers near their regional engineering and manufacturing locations. MEASHAM BOATS: Administrators Take Over Operations -------------------------------------------------- Ronald Eric Speight was appointed administrator of boat builders Measham Boats Limited (Company Number 04036906) on Feb. 13. Its registered office is at Mannings Terrace, Measham, Swadlincote DE12 7HU. CONTACT: MEASHAM BOATS LTD High Street, Mannings Terrace Measham, Swadlincote DE12 7HU Derbyshire Tel: 01530 274301 PERRINS CONTRACT: Taps B & C Associates to Administer Assets ------------------------------------------------------------ Filippa Connor of B & C Associates was appointed administrator of Perrins Contract Sales Limited (Company No 03601479) on Feb. 10. Perrins Contract Sales Limited -- http://www.perrinsofficefurniture.com/-- is a preferred supplier of executive corporate office furniture and contemporary office furniture to blue-chip companies and public sector organizations. The company also supplies desks, seating, reception desks and furniture, computer workstations, boardroom furniture and office storage for either small or large businesses. CONTACT: PCS PERRINS CONTRACT SALES LTD 16-18 Park Road, Kingston-Upon-Thames, Surrey, KT2 6BG Tel: 0208 549 4848 Fax: 0208 541 5858 E-mail: info@perrinsofficefurniture.com B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Tel: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com QUEEN OF HEARTS: Joint Administrators Offer Assets for Sale ----------------------------------------------------------- The Joint Administrators, Andrew Duncan and Andrew Stoneman, offer for sale, as a going concern, the business and assets of Queen of Hearts limited. Features: -- annual turnover of GBP5 million; -- business founded in 1967; -- operates from leasehold premises in Oxford (c. 22,000 sq. ft. including 4,000 sq. ft. of office space); -- manufacturer of authentic quality cakes for both the retail (multiples) and wholesale markets; -- around 80 employees -- plant and equipment for sale incorporating a working production line to include Comas line, oven and refrigeration facilities Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating from 628 offices in 92 countries. MRI, which is ranked 8th amongst the leading international accounting associations, achieved global revenues of US$1,800 million in 2003. SEA CONTAINERS: S&P Slices Corp. Credit Rating from BB- to B+ ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Sea Containers Ltd., including lowering the corporate credit rating to 'B+' from 'BB-'. All ratings remain on CreditWatch with negative implications, where they were placed Aug. 25, 2005. "The downgrade is based on Sea Containers' weakened financial profile after losses incurred at its ferry operations, a business it is in the process of divesting, and lower margins expected on its GNER rail franchise," said Standard & Poor's credit analyst Betsy Snyder. "The continuing CreditWatch status reflects uncertainties about the timing and ultimate disposition of the ferry operations, and resolution of a series of disputes at GE SeaCo, a joint venture in which Sea Containers holds a 50% stake," the analyst continued. The ratings on Bermuda-based Sea Containers reflect a relatively weak financial profile, even after the planned divestiture of its unprofitable ferry operations, expected to occur in 2006. However, the company does benefit from fairly strong competitive positions in its two major remaining businesses, GNER (Great North Eastern Railway, a passenger rail line between London and Scotland) and marine cargo container leasing. Sale of the Silja assets, which account for approximately 75% of the ferry assets, will likely occur first, with bids already submitted. The timing and proceeds from sale of the other ferry assets are more uncertain. The remaining businesses generate more stable cash flow than the very competitive ferry businesses, which experienced significant losses in 2004-2005 due to excess capacity, fare discounting, and high fuel prices. Sea Containers is restructuring the ferry operations through the sale of certain operations and/or individual vessels, redeployment or chartering out vessels, and staff reductions. In November 2005, the company sold the remainder of its Orient- Express Hotels Ltd. (OEH) shares, realizing proceeds of approximately $262 million before expenses. In 2006, debt will be reduced using proceeds from the sale of OEH shares as well as expected proceeds from sale of the ferry operations. A further uncertainty, with potential ratings implications, is a series of disputes between Sea Containers and General Electric Capital Corp. regarding operations at GE SeaCo. The disputes are currently in arbitration, with a decision expected in early 2006. The outcome is not determinable at this time and no loss contingency had been recorded at Sept. 30, 2005. Therefore, the potential financial effects on Sea Containers and even possible future ownership of GE SeaCo remain uncertain. Standard & Poor's will monitor the progress of the sale of the ferry operations, as well as resolution of the GE SeaCo arbitration. If either were to result in additional significant charges that would further weaken Sea Containers' financial profile, ratings would likely be lowered. SEA CONTAINERS: SVP David Benson Leaves Ferries Division -------------------------------------------------------- David Benson will leave Sea Containers Ltd. as senior vice- president of its ferries division tomorrow, Feb. 28. The Company previously announced a major restructuring of its ferries division in November 2005. Mr. Benson has been employed at Sea Containers since 1983, where he served as: -- chief executive of Venice-Simplon Orient-Express; and -- senior vice-president of Passenger Transport Division for Sea Containers. Businesses in this portfolio included Isle of Man Steam Packet Company, Hoverspeed, Silja, SeaLink and SeaStreak and Great North Eastern Railway, the operator of high-speed passenger trains services from London to Scotland. Under Mr. Benson's leadership Sea Containers' Passenger Transport division played a leading role in pioneering the fast ferry concept and operated one of the world's largest fleets of fast-ferries from dedicated ports, following on from its cross- Channel hovercraft. It had input at ship design level with Incat in the build of the 74m and 81m SeaCat, and also won the prestigious Hales Trophy for the Blue Riband of the North Atlantic on the delivery voyage of its first SeaCat from Australia. "We are grateful to David for all his loyalty, efforts and commitment to the Company since 1983, especially in the last few years where trading conditions in the ferries business have been extremely challenging," Bob MacKenzie, President and CEO of Sea Containers Ltd, said. Paul Clark, Sea Containers' Commercial Director of Ferries, will assume Mr. Benson's remaining duties. Sea Containers Ltd. -- http://www.seacontainers.com/-- is a Bermuda-registered company with regional operating offices in London, Genoa, New York City, Rio de Janeiro, Singapore and Sydney. The company is owned almost entirely by U.S. shareholders and its primary listing is on the New York Stock Exchange. Restructuring Efforts Sea Containers is restructuring its loss-making ferries division, which consists of Finnish-based Silja Oy Ab (the largest), a car-carrying ferries business with 9 ships, and New York-based commuter ferry service SeaStreak. It has hired Societe Generale to sell Silja. Further, it is selling cruise ship MV Walrus, Swedish flag cruise ship MV Silja Opera, and MV Finnjet. It is also taking out one of its three SuperSeaCat fast ferries, and investing US$12 million to upgrade its flagship vessels Silja Serenade and Silja Symphony. The funding for the modernization will be raised through asset sales. It is reducing staff and offices in Finland, Sweden and Germany to save up to US$18 million. The company reported a third-quarter net loss of US$34.4 million on revenue of US$456 million, and a nine-month net loss of US$58.5 million on revenue of US$1.3 billion. * * * Standard & Poor's Ratings Services lowered its ratings on Sea Containers Ltd., including lowering the corporate credit rating to 'B+' from 'BB-'. All ratings remain on CreditWatch with negative implications, where they were placed Aug. 25, 2005. SOUTHERN PACIFIC: Fitch Rates GBP2.9 Mln Class FTc Notes at B ------------------------------------------------------------- Fitch Ratings assigned final ratings to Southern Pacific Securities 06-1 PLC's GBP360 million equivalent mortgage-backed floating-rate notes as follows: a) GBP equivalent 132.4 million Class A1 notes due 2024: AAA; b) GBP equivalent 174.1 million Class A2 notes due 2044: AAA; c) A2c detachable coupons due 2008: AAA; d) GBP equivalent 24.6 million Class B notes due 2044: AA; e) GBP equivalent 14.1 million Class C notes due 2044: A; f) GBP equivalent 9.0 million Class D notes due 2044: BBB; g) GBP equivalent 5.8 million Class E1c notes due 2044: BB; h) GBP equivalent 8.30 million Class DTc due 2044: BBB; i) GBP equivalent 5.40 million Class ETc due 2044: BB; and j) GBP equivalent 2.90 million Class FTc due 2044: B. The Class A1 notes have a legal maturity of 2024 and the A2c detachable coupons have a legal maturity of 2009. This transaction is a securitization of sub-prime residential mortgages originated and located in the UK. The ratings are based on the quality of the collateral, available credit enhancement, the underwriting criteria of Southern Pacific Mortgage Limited and Southern Pacific Personal Loans Limited, and the transaction's sound legal structure. Credit enhancement for the Class A notes is initially 15.36%, provided by the subordination of the Class B notes, the Class C notes, the Class D notes, the Class E1c notes and an initial and target reserve fund of 0.50%. Class DTc, ETc and FTc notes will also be issued and will be repaid solely by excess spread available in the transaction. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its UK Residential Mortgage Default Model III. The agency also modeled cash flows using the results of the default model, with structural stresses including various prepayment and interest rate scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. * Fitch Designates IDRs to EMEA Industrials ------------------------------------------- Fitch Ratings released Issuer Default ratings to companies in the European Industrials sector. Revised senior unsecured ratings now apply to the senior unsecured bond issues of these entities. IDRs reflect the ability of an issuer to meet senior financial commitments on a timely basis, effectively becoming the benchmark probability of default. Securities in an issuer's capital structure will be rated higher, lower, or the same as the IDR on the basis of their relative recovery prospects. The process of establishing ratings for the obligations of issuers rated between AAA and BB- will refer, for the most part, to aggregate recoveries on the defaulted bond market as a whole for that sector and not to issuer-specific analysis since assumptions on enterprise value and creditor mass at default for these entities would be largely arbitrary. For this reason, recovery assessments and thus individual issue ratings will be based more on the long-term averages of recovery for that type of security, after giving consideration to additional issues such as collateral value, relative subordination and other determinants of recovery. For issuers rated B+ and below, Recovery ratings derive from a customized analysis of the individual issuer and their capital structure, assuming emergence from a default-inducing stress scenario. Existing Outlooks and Rating Watch status assigned to the former Senior Unsecured, counterparty or other issuer ratings remain unchanged and apply to the IDRs for the issuers, as listed below. General Engineering * AB Electrolux: BBB+ Outlook Negative; * Dogus Holding: foreign currency BB- Outlook Stable; local currency BB- Outlook Stable; * GEA Group AG: BBB- Outlook Stable; * Jenoptik AG: B Outlook Stable RR4; * Legrand Holding SA: BB+ Outlook Positive; * Obrascon Huarte Lain: BBB- Outlook Stable; * Pequenos y Medianos Astilleros: A+ Outlook Stable; * Pfleiderer AG: BB Outlook Stable; * Royal Philips Electronics: BBB+ Outlook Stable; * Siemens AG: AA- Outlook Stable; * Taylor Woodrow PLC: BBB+ Outlook Stable; * ThyssenKrupp AG: BBB+ Rating Watch Negative; * Vestel Elektronik Sanayi Ve Ticaret A.S.: foreign currency BB- Outlook Stable; local currency BB- Outlook Stable; * Vinci SA: BBB+ Rating Watch Negative; and * Wurth Gruppe Welt: A Outlook Stable. Autos, Aerospace, Defense * AB Volvo: A- Outlook Stable; * Avio S.p.A.: IDR B+ Outlook Stable; * Avio S.p.A.: Senior Secured Bank Facilities BB RR2; * Aero Invest 1 SA: PIK Notes B RR5; * ASPropulsion Capital BV: Senior Notes BB RR2; * BAE Systems PLC: BBB Outlook Stable; * DaimlerChrysler AG: BBB+ Outlook Stable; * European Aeronautic Defence and Space Company N.V.: A Outlook Stable; * Fiat S.p.A.: BB- Outlook Stable; * Finmeccanica SpA: BBB Outlook Stable; * Ford Otosan A.S.: local currency BBB- Outlook Negative; * Peugeot SA: A- Outlook Stable; * Renault SA: BBB+ Outlook Stable; * Rheinmetall AG: BBB Outlook Stable; * Thales: A- Outlook Stable; and * Volkswagen Group: A- Outlook Negative. Basic Materials * Akzo Nobel N.V.: A- Outlook Negative; * BASF AG: AA- Rating Watch Negative; * BOC Group PLC: A Outlook Stable; * Compagnie de Saint-Gobain S.A.: A- Outlook Negative; * Corus Group Plc: BB- Outlook Stable; * CRH Plc: A- Outlook Stable; * Evraz Group SA: BB- Outlook Stable; * Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.: foreign currency B+ Outlook Stable; local currency B+ Outlook Stable; * Hanson PLC: BBB+ Outlook Stable; * Holcim Ltd.: BBB+ Outlook Stable; * JSG Acquisitions: IDR B+ Outlook Stable; * JSG Acquisitions: Senior Secured Bank Facilities BB+ RR1; * JSG Funding PLC: Senior Notes B RR5; * JSG Funding PLC: Senior Subordinated Notes B- RR6; * JSG Holdings PLC: PIK Notes CCC+ RR6; * Lafarge SA: BBB Rating Watch Negative; * Magnitogorsk Iron & Steel Works: BB- Outlook Stable; * Mastercroft Limited: BB- Outlook Stable; * Mittal Steel Company N.V: BBB Rating Watch Negative; * Norilsk Nickel: BBB- Outlook Stable; * OAO Nizhnekamskneftekhim: B+ Outlook Stable RR4; * OAO Severstal: BB- Outlook Stable; * OJSC Concern Stirol: B Outlook Stable RR4; * OJSC Kazanorgsintez: B Outlook Stable; * Petkim Petrokimya Holdings A.S.: foreign currency BB- Outlook Positive; local currency BB Outlook Stable; * Rio Tinto Ltd.: A+ Outlook Stable; * Rio Tinto PLC: A+ Outlook Stable; * Royal DSM N.V.: A- Outlook Stable; and * Saudi Basic Industries Corporation: A Outlook Stable. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) LVL Medical Group LVLM.PA (9) 105 (5) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (23) 122 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (321) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (70) 489 2 Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Drax Group Limited DRX.L (832) 2,353 84 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gallaher Group GLH (421) 7,866 5 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (405) 263 (161) Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (264) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *